The Rising Tide of Financial Crime: A Ponzi Scheme Case Analysis
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May 31, 2023
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Abstract
Ponzi scheme is one of the most common types of fraud perpetrated by con artists. The reason for this is that the mode is relatively easy to conceal. In this regard, criminal law plays a significant role in countering fraudulent practices. It serves as an initial warning to individuals who intend to engage in such behavior that they may face harsh penalties if they do so. The study aims to compare and analyze the Ponzi and pyramid schemes in the framework of criminal law enforcement. It also thoroughly investigates the criminal rules and their application to specific cases associated with Ponzi and pyramid schemes in Indonesia. This normative or doctrinal legal research employs statutory, conceptual, and case approach. The study reveals that there is some confusion in the community as well as the legal enforcement officers on the practice of Ponzi and pyramid schemes. As a result of this discrepancy, law enforcement officers may be incorrect in ensnaring an allegation against the offenders, or they may even consider that offenders are innocent. It is also exacerbated by the lack of a single rule that particularly governs the issue of Ponzi schemes, which may result in a legal vacuum. This circumstance might therefore be used by irresponsible persons to create such business companies that use Ponzi schemes and conceal their actions with crypto investment or robot trading software, as recently occurred in Indonesia.
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Anggriawan, R., Susila, M., Sung, M., & Irrynta, D. (2023). The Rising Tide of Financial Crime: A Ponzi Scheme Case Analysis. Lex Scientia Law Review, 7(1), 307-346. https://doi.org/10.15294/lesrev.v7i1.60004
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References
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Aluko, Oluwasegun Peter, and Ibukun Oluwakemi Olawuni. “A Socio-Historical Perspective on Ponzi Schemes and Development in Nigeria: The Role of the Christian Church.” World Journal of Social Science 8, no. 2 (2021): 41–55. https://doi.org/10.5430/wjss.v8n2p41.
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Amponsah-Mensah, Afia Agyeman. “Ponzi Schemes in Ghana: The Menzgold Saga.” African Journal of International and Comparative Law 29, no. 3 (2021): 463–76.
Ardani, Mochammad, Dani Setiawan, Muhammad Misbachul Munir, and Shoimatul Fitria. “A Tale of Umrah Pilgrims Fraud in Indonesia: A Narrative Review Indicating and Anticipating ‘Fake Bureau.’” Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) 5, no. 1 (2022): 94–107.
Atikah, Ika. “Consumer Protection And Fintech Companies In Indonesia: Innovations And Challenges Of The Financial Services Authority.” Jurnal Hukum Dan Peradilan 9, no. 1 (2020): 132–53.
Baker, H Kent, and Vesa Puttonen. “Trap 1: Becoming a Victim of Pyramid and Ponzi Schemes.” In Investment Traps Exposed. Emerald Publishing Limited, 2017.
Balls, Jonathan N. “Low-Cost, Adaptable Solutions Sell: Re-Thinking Off-Grid Solar Diffusion at the Bottom of the Pyramid in India.” Energy Research & Social Science 70 (2020): 1–9. https://doi.org/https://doi.org/10.1016/j.erss.2020.101811.
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Bosley, Stacie, and Maggie Knorr. “Pyramids, Ponzis and Fraud Prevention: Lessons from a Case Study.” Journal of Financial Crime 25, no. 1 (2018): 81–94.
Caturini, Rizki. “Pendiri Dream For Freedom Resmi Ditahan.” Kontan, n.d.
Cross, Colleen. Anatomy of a Ponzi Scheme: Scams Past and Present: The New York Times Bestseller. Slice Publishing Mystery and Thriller Books, 2022.
Davis, Kevin, Rodney Maddock, and Martin Foo. “Catching up with Indonesia’s Fintech Industry.” Law and Financial Markets Review 11, no. 1 (2017): 33–40.
Engin, Zeynep, and Philip Treleaven. “Algorithmic Government: Automating Public Services and Supporting Civil Servants in Using Data Science Technologies.” Computer Journal 62, no. 3 (2019): 448–60. https://doi.org/10.1093/comjnl/bxy082.
Fealy, Greg. “Jokowi in the Covid-19 Era: Repressive Pluralism, Dynasticism and the Overbearing State.” Bulletin of Indonesian Economic Studies 56, no. 3 (2020): 301–23.
Feng, Pihu, Duoyong Sun, and Zaiwu Gong. “A Case Study of Pyramid Scheme Finance Flow Network Based on Social Network Analysis.” Sustainability 11, no. 16 (2019): 4370.
Groß, Claudia, and Dirk Vriens. “The Role of the Distributor Network in the Persistence of Legal and Ethical Problems of Multi-Level Marketing Companies.” Journal of Business Ethics 156, no. 2 (2019): 333–55.
Hardy, John, and Peter Bell. “Resilience in Sophisticated Financial Crime Networks: A Social Network Analysis of the Madoff Investment Scheme.” Crime Prevention and Community Safety 22, no. 3 (2020): 223–47. https://doi.org/10.1057/s41300-020-00094-7.
Henriques, Diana B. “A Case Study of a Con Man: Bernie Madoff and the Timeless Lessons of History’s Biggest Ponzi Scheme.” Social Research: An International Quarterly 85, no. 4 (2018): 745–66.
Hidajat, Taofik. “Unprotected Insurance: A Case from Jiwasraya.” In ICEBE 2020: Proceedings of the First International Conference of Economics, Business & Entrepreneurship, ICEBE 2020, 1st October 2020, Tangerang, Indonesia, 8. European Alliance for Innovation, 2021.
Hidajat, Taofik, Ina Primiana, Sulaeman Rahman, and Erie Febrian. “Why Are People Trapped in Ponzi and Pyramid Schemes?” Journal of Financial Crime, 2020.
Hidayat, Rofiq. “Mendorong Perlunya Payung Hukum Investasi Digital.” Hukumonline, April 7, 2022. https://www.hukumonline.com/berita/a/mendorong-perlunya-payung-hukum-investasi-digital-lt624eb4d14f9e1?page=all.
“Hukuman Ditambah, Bos Asuransi Bodong Rp 400 Miliar Dibui 20 Tahun.” Detik, October 10, 2013. https://news.detik.com/berita/d-2383353/hukuman-ditambah-bos-asuransi-bodong-rp-400-miliar-dibui-20-tahun.
Johan, Suwinto. “Financial Institution and Public Listed Companies: How the Supervision Regulated Under the Indonesian Law?” Varia Justicia 17, no. 2 (2021): 171–83.
Kethineni, Sesha, and Ying Cao. “The Rise in Popularity of Cryptocurrency and Associated Criminal Activity.” International Criminal Justice Review 30, no. 3 (2020): 325–44.
“Ketua MPR: Buat Aturan Khusus Untuk Robot Trading.” Tempo, February 12, 2022. https://nasional.tempo.co/read/1560130/ketua-mpr-buat-aturan-khusus-untuk-robot-trading.
Kharisma, Atta. “Bamsoet Dorong Robot Trading Masuk Kategori Penasihat Berjangka.” Detik, March 2, 2022. https://finance.detik.com/fintech/d-5965847/bamsoet-dorong-robot-trading-masuk-kategori-penasihat-berjangka.
Kiswondari. “Marak Perdagangan Kripto Ilegal, DPR Ingatkan Bappebti Tak Sembarangan Beri Izin.” Sindonews, May 30, 2022. https://nasional.sindonews.com/read/783387/13/marak-perdagangan-kripto-ilegal-dpr-ingatkan-bappebti-tak-sembarangan-beri-izin-1653890725.
Kotie, Geldenhuys. “Crime Series - Krion Ponzi Scheme Bringing a Community to Its Knees.” Servamus Community-Based Safety and Security Magazine 113, no. 12 (December 2020): 46–53. https://doi.org/10.10520/ejc-servamus-v113-n12-a13.
Kudrle, Robert T. “Moves and Countermoves in the Digitization Challenges to International Taxation.” Technology in Society 64 (February 2021): 101453. https://doi.org/10.1016/j.techsoc.2020.101453.
Lee, Doreen. “Indonesia’s Economic Futures: Who Will Pay?” Current History 120, no. 827 (2021): 214–20.
Lewis, Mervyn K. Understanding Ponzi Schemes: Can Better Financial Regulation Prevent Investors from Being Defrauded? Edward Elgar Publishing, 2015.
Manning, Paul. “Exploiting the Social Fabric of Networks: A Social Capital Analysis of Historical Financial Frauds.” Management and Organizational History 13, no. 2 (2018): 191–211. https://doi.org/10.1080/17449359.2018.1534595.
Matulich, Serge, and David M Currie. “Charles Ponzi.” In Handbook of Frauds, Scams, and Swindles, 57–66. Routledge, 2017.
Montalban, Matthieu, Vincent Frigant, and Bernard Jullien. “Platform Economy as a New Form of Capitalism: A Régulationist Research Programme.” Cambridge Journal of Economics 43, no. 4 (2019): 805–24. https://doi.org/10.1093/cje/bez017.
Mugarura, Norman. “The Use of Anti-Money Laundering Tools to Regulate Ponzi and Other Fraudulent Investment Schemes.” Journal of Money Laundering Control 20, no. 3 (2017).
Muslimawati, Nicha. “Anggota DPR Harap Kasus DNA Pro Jadi Pintu Masuk Ungkap Investasi Ilegal Lainnya.” Kumparan, May 30, 2022. https://kumparan.com/kumparanbisnis/anggota-dpr-harap-kasus-dna-pro-jadi-pintu-masuk-ungkap-investasi-ilegal-lainnya-1yAp5xRT6Z2.
OJK. “Tegas! OJK & 7 Negara Beri Warning Bahaya Uang Kripto.” Otoritas Jasa Keuangan, 2022. https://pasarmodal.ojk.go.id/News/Detail/20577.
Onanuga, Paul, and Rotimi Taiwo. “Discursive Features of Nigerian Online Ponzi Schemes’ Narratives.” ELOPE: English Language Overseas Perspectives and Enquiries 17, no. 2 (2020): 61–82. https://doi.org/10.4312/elope.17.2.61-82.
Padil, Hazlina Mohd, Eley Suzana Kasim, Salwa Muda, Norhidayah Ismail, and Norlaila Md Zin. “Financial Literacy and Awareness of Investment Scams among University Students.” Journal of Financial Crime 29, no. 1 (2021): 355–67.
Raval, Vasant, and Vivek Raval. “Differentiating Risk Factors of Ponzi from Non-Ponzi Frauds.” Journal of Financial Crime, 2019.
Reddy, Eveshnie. “Analysing the Investigation and Prosecution of Cryptocurrency Crime as Provided for by the South African Cybercrimes Bill.” Statute Law Review 41, no. 2 (2020): 226–39. https://doi.org/10.1093/slr/hmz001.
Retaduari, Elza Astari. “Kasus Investasi Bodong Ponzi, Gunarni Gunawan Divonis 15 Tahun Penjara.” Detik, February 2, 2016. https://news.detik.com/berita/d-3133319/kasus-investasi-bodong-ponzi-gunarni-gunawan-divonis-15-tahun-penjara.
Setiawan, Peter Jeremiah, and Hansel Ardison. “Criminal Victimization On Large-Scale Investment Scam In Indonesia.” Veritas et Justitia 7, no. 1 (2021): 1–30.
Setyowati, Abidah B. “Governing Sustainable Finance: Insights from Indonesia.” Climate Policy, 2020, 1–14.
Silaban, Martha Warta. “Pandemi Covid-19, OJK: Investasi Ilegal Marak Bermunculan.” Tempo, April 13, 2021. https://bisnis.tempo.co/read/1452057/pandemi-covid-19-ojk-investasi-ilegal-marak-bermunculan.
Suhanda. “Penegakan Hukum Yang Salah Dapat Mempengaruhi Investasi.” RRI, August 16, 2021. https://rri.co.id/nasional/hukum/1152489/penegakan-hukum-yang-salah-dapat-mempengaruhi-investasi?utm_source=news_read_also&utm_medium=internal_link&utm_campaign=General Campaign.
Sulistyandari, S, Noor Aziz Said, and Wiwik Yuni Hastuti. “Strengthening the Supervision of Market Conduct of Banking Financial Services by Financial Service Authority (Ojk) in Central Java.” Jurnal Dinamika Hukum 16, no. 3 (2017): 258–65.
Suryono, Ryan Randy, Indra Budi, and Betty Purwandari. “Detection of Fintech P2P Lending Issues in Indonesia.” Heliyon 7, no. 4 (2021): e06782.
Syaifuddin, Mochamad Irfan. “Analisis Yuridis Investasi ‘Bodong’ Dalam Perjanjian Investor Emas Dengan CV. Raihan Jewellery Di Surabaya.” University of Muhammadiyah Malang, 2015.
Tajti, Tibor. “Pyramid and Ponzi Schemes and the Repercussions of the Differing Regulatory Approaches: Hungarian Developments in the Light of Contemporary Global Trends.” Hungarian Journal of Legal Studies 62, no. 1 (2022): 24–74.
Ullah, Irfan, Wiqar Ahmad, and Arshad Ali. “Determinants of Investment Decision in a Ponzi Scheme: Investors’ Perspective on the Modaraba Scam.” Journal of Financial Crime 1, no. 1 (2020): 1–19. https://doi.org/10.1108/JFC-02-2020-0027.
Wachid, Wahyu. “Judi Berkedok Robot Trading Tidak Perlu Dilegalisasi.” Gatra, March 8, 2022. https://www.gatra.com/news-537617-Hukum-judi-berkedok-robot-trading-tidak-perlu-dilegalisasi.html.
Wibowo, Dwi Edi, Liana Endah Susanti, and Aditya Migi Prematura. “The Implementation of Justice Value for Consumer Protection Study of the Financial Services Authority Regulation Number: 1/Pojk. 07/2013 Concerning Consumer Protection.” International Journal of Law Society Services 2, no. 1 (2022): 1–7.
Akartuna, Eray Arda, Shane D. Johnson, and Amy E. Thornton. “The Money Laundering and Terrorist Financing Risks of New and Disruptive Technologies: A Futures-Oriented Scoping Review.” Security Journal, September 19, 2022. https://doi.org/10.1057/s41284-022-00356-z.
Albrecht, Chad, Victor Morales, Jack Kristian Baldwin, and Steven Deron Scott. “Ezubao: A Chinese Ponzi Scheme with a Twist.” Journal of Financial Crime 24, no. 2 (2017).
Aluko, Oluwasegun Peter, and Ibukun Oluwakemi Olawuni. “A Socio-Historical Perspective on Ponzi Schemes and Development in Nigeria: The Role of the Christian Church.” World Journal of Social Science 8, no. 2 (2021): 41–55. https://doi.org/10.5430/wjss.v8n2p41.
Amanda, Shilvia, Sayid Mohammad Rifqi Noval, and Elis Herlina. “Penegakan Hukum Terhadap Praktik Money Game Dengan Skema Ponzi Dalam Investasi Ilegal Pada Aplikasi Tiktok E-Cash Di Indonesia.” Res Nullius Law Journal 4, no. 1 (2022): 57–76.
Amponsah-Mensah, Afia Agyeman. “Ponzi Schemes in Ghana: The Menzgold Saga.” African Journal of International and Comparative Law 29, no. 3 (2021): 463–76.
Ardani, Mochammad, Dani Setiawan, Muhammad Misbachul Munir, and Shoimatul Fitria. “A Tale of Umrah Pilgrims Fraud in Indonesia: A Narrative Review Indicating and Anticipating ‘Fake Bureau.’” Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) 5, no. 1 (2022): 94–107.
Atikah, Ika. “Consumer Protection And Fintech Companies In Indonesia: Innovations And Challenges Of The Financial Services Authority.” Jurnal Hukum Dan Peradilan 9, no. 1 (2020): 132–53.
Baker, H Kent, and Vesa Puttonen. “Trap 1: Becoming a Victim of Pyramid and Ponzi Schemes.” In Investment Traps Exposed. Emerald Publishing Limited, 2017.
Balls, Jonathan N. “Low-Cost, Adaptable Solutions Sell: Re-Thinking Off-Grid Solar Diffusion at the Bottom of the Pyramid in India.” Energy Research & Social Science 70 (2020): 1–9. https://doi.org/https://doi.org/10.1016/j.erss.2020.101811.
Beek, Jan. “Travelling Multi-Level Marketing Schemes and Whispers of Fraud in Kenya.” Social Anthropology 27, no. 3 (2019): 501–16. https://doi.org/10.1111/1469-8676.12676.
Bosley, Stacie, and Maggie Knorr. “Pyramids, Ponzis and Fraud Prevention: Lessons from a Case Study.” Journal of Financial Crime 25, no. 1 (2018): 81–94.
Caturini, Rizki. “Pendiri Dream For Freedom Resmi Ditahan.” Kontan, n.d.
Cross, Colleen. Anatomy of a Ponzi Scheme: Scams Past and Present: The New York Times Bestseller. Slice Publishing Mystery and Thriller Books, 2022.
Davis, Kevin, Rodney Maddock, and Martin Foo. “Catching up with Indonesia’s Fintech Industry.” Law and Financial Markets Review 11, no. 1 (2017): 33–40.
Engin, Zeynep, and Philip Treleaven. “Algorithmic Government: Automating Public Services and Supporting Civil Servants in Using Data Science Technologies.” Computer Journal 62, no. 3 (2019): 448–60. https://doi.org/10.1093/comjnl/bxy082.
Fealy, Greg. “Jokowi in the Covid-19 Era: Repressive Pluralism, Dynasticism and the Overbearing State.” Bulletin of Indonesian Economic Studies 56, no. 3 (2020): 301–23.
Feng, Pihu, Duoyong Sun, and Zaiwu Gong. “A Case Study of Pyramid Scheme Finance Flow Network Based on Social Network Analysis.” Sustainability 11, no. 16 (2019): 4370.
Groß, Claudia, and Dirk Vriens. “The Role of the Distributor Network in the Persistence of Legal and Ethical Problems of Multi-Level Marketing Companies.” Journal of Business Ethics 156, no. 2 (2019): 333–55.
Hardy, John, and Peter Bell. “Resilience in Sophisticated Financial Crime Networks: A Social Network Analysis of the Madoff Investment Scheme.” Crime Prevention and Community Safety 22, no. 3 (2020): 223–47. https://doi.org/10.1057/s41300-020-00094-7.
Henriques, Diana B. “A Case Study of a Con Man: Bernie Madoff and the Timeless Lessons of History’s Biggest Ponzi Scheme.” Social Research: An International Quarterly 85, no. 4 (2018): 745–66.
Hidajat, Taofik. “Unprotected Insurance: A Case from Jiwasraya.” In ICEBE 2020: Proceedings of the First International Conference of Economics, Business & Entrepreneurship, ICEBE 2020, 1st October 2020, Tangerang, Indonesia, 8. European Alliance for Innovation, 2021.
Hidajat, Taofik, Ina Primiana, Sulaeman Rahman, and Erie Febrian. “Why Are People Trapped in Ponzi and Pyramid Schemes?” Journal of Financial Crime, 2020.
Hidayat, Rofiq. “Mendorong Perlunya Payung Hukum Investasi Digital.” Hukumonline, April 7, 2022. https://www.hukumonline.com/berita/a/mendorong-perlunya-payung-hukum-investasi-digital-lt624eb4d14f9e1?page=all.
“Hukuman Ditambah, Bos Asuransi Bodong Rp 400 Miliar Dibui 20 Tahun.” Detik, October 10, 2013. https://news.detik.com/berita/d-2383353/hukuman-ditambah-bos-asuransi-bodong-rp-400-miliar-dibui-20-tahun.
Johan, Suwinto. “Financial Institution and Public Listed Companies: How the Supervision Regulated Under the Indonesian Law?” Varia Justicia 17, no. 2 (2021): 171–83.
Kethineni, Sesha, and Ying Cao. “The Rise in Popularity of Cryptocurrency and Associated Criminal Activity.” International Criminal Justice Review 30, no. 3 (2020): 325–44.
“Ketua MPR: Buat Aturan Khusus Untuk Robot Trading.” Tempo, February 12, 2022. https://nasional.tempo.co/read/1560130/ketua-mpr-buat-aturan-khusus-untuk-robot-trading.
Kharisma, Atta. “Bamsoet Dorong Robot Trading Masuk Kategori Penasihat Berjangka.” Detik, March 2, 2022. https://finance.detik.com/fintech/d-5965847/bamsoet-dorong-robot-trading-masuk-kategori-penasihat-berjangka.
Kiswondari. “Marak Perdagangan Kripto Ilegal, DPR Ingatkan Bappebti Tak Sembarangan Beri Izin.” Sindonews, May 30, 2022. https://nasional.sindonews.com/read/783387/13/marak-perdagangan-kripto-ilegal-dpr-ingatkan-bappebti-tak-sembarangan-beri-izin-1653890725.
Kotie, Geldenhuys. “Crime Series - Krion Ponzi Scheme Bringing a Community to Its Knees.” Servamus Community-Based Safety and Security Magazine 113, no. 12 (December 2020): 46–53. https://doi.org/10.10520/ejc-servamus-v113-n12-a13.
Kudrle, Robert T. “Moves and Countermoves in the Digitization Challenges to International Taxation.” Technology in Society 64 (February 2021): 101453. https://doi.org/10.1016/j.techsoc.2020.101453.
Lee, Doreen. “Indonesia’s Economic Futures: Who Will Pay?” Current History 120, no. 827 (2021): 214–20.
Lewis, Mervyn K. Understanding Ponzi Schemes: Can Better Financial Regulation Prevent Investors from Being Defrauded? Edward Elgar Publishing, 2015.
Manning, Paul. “Exploiting the Social Fabric of Networks: A Social Capital Analysis of Historical Financial Frauds.” Management and Organizational History 13, no. 2 (2018): 191–211. https://doi.org/10.1080/17449359.2018.1534595.
Matulich, Serge, and David M Currie. “Charles Ponzi.” In Handbook of Frauds, Scams, and Swindles, 57–66. Routledge, 2017.
Montalban, Matthieu, Vincent Frigant, and Bernard Jullien. “Platform Economy as a New Form of Capitalism: A Régulationist Research Programme.” Cambridge Journal of Economics 43, no. 4 (2019): 805–24. https://doi.org/10.1093/cje/bez017.
Mugarura, Norman. “The Use of Anti-Money Laundering Tools to Regulate Ponzi and Other Fraudulent Investment Schemes.” Journal of Money Laundering Control 20, no. 3 (2017).
Muslimawati, Nicha. “Anggota DPR Harap Kasus DNA Pro Jadi Pintu Masuk Ungkap Investasi Ilegal Lainnya.” Kumparan, May 30, 2022. https://kumparan.com/kumparanbisnis/anggota-dpr-harap-kasus-dna-pro-jadi-pintu-masuk-ungkap-investasi-ilegal-lainnya-1yAp5xRT6Z2.
OJK. “Tegas! OJK & 7 Negara Beri Warning Bahaya Uang Kripto.” Otoritas Jasa Keuangan, 2022. https://pasarmodal.ojk.go.id/News/Detail/20577.
Onanuga, Paul, and Rotimi Taiwo. “Discursive Features of Nigerian Online Ponzi Schemes’ Narratives.” ELOPE: English Language Overseas Perspectives and Enquiries 17, no. 2 (2020): 61–82. https://doi.org/10.4312/elope.17.2.61-82.
Padil, Hazlina Mohd, Eley Suzana Kasim, Salwa Muda, Norhidayah Ismail, and Norlaila Md Zin. “Financial Literacy and Awareness of Investment Scams among University Students.” Journal of Financial Crime 29, no. 1 (2021): 355–67.
Raval, Vasant, and Vivek Raval. “Differentiating Risk Factors of Ponzi from Non-Ponzi Frauds.” Journal of Financial Crime, 2019.
Reddy, Eveshnie. “Analysing the Investigation and Prosecution of Cryptocurrency Crime as Provided for by the South African Cybercrimes Bill.” Statute Law Review 41, no. 2 (2020): 226–39. https://doi.org/10.1093/slr/hmz001.
Retaduari, Elza Astari. “Kasus Investasi Bodong Ponzi, Gunarni Gunawan Divonis 15 Tahun Penjara.” Detik, February 2, 2016. https://news.detik.com/berita/d-3133319/kasus-investasi-bodong-ponzi-gunarni-gunawan-divonis-15-tahun-penjara.
Setiawan, Peter Jeremiah, and Hansel Ardison. “Criminal Victimization On Large-Scale Investment Scam In Indonesia.” Veritas et Justitia 7, no. 1 (2021): 1–30.
Setyowati, Abidah B. “Governing Sustainable Finance: Insights from Indonesia.” Climate Policy, 2020, 1–14.
Silaban, Martha Warta. “Pandemi Covid-19, OJK: Investasi Ilegal Marak Bermunculan.” Tempo, April 13, 2021. https://bisnis.tempo.co/read/1452057/pandemi-covid-19-ojk-investasi-ilegal-marak-bermunculan.
Suhanda. “Penegakan Hukum Yang Salah Dapat Mempengaruhi Investasi.” RRI, August 16, 2021. https://rri.co.id/nasional/hukum/1152489/penegakan-hukum-yang-salah-dapat-mempengaruhi-investasi?utm_source=news_read_also&utm_medium=internal_link&utm_campaign=General Campaign.
Sulistyandari, S, Noor Aziz Said, and Wiwik Yuni Hastuti. “Strengthening the Supervision of Market Conduct of Banking Financial Services by Financial Service Authority (Ojk) in Central Java.” Jurnal Dinamika Hukum 16, no. 3 (2017): 258–65.
Suryono, Ryan Randy, Indra Budi, and Betty Purwandari. “Detection of Fintech P2P Lending Issues in Indonesia.” Heliyon 7, no. 4 (2021): e06782.
Syaifuddin, Mochamad Irfan. “Analisis Yuridis Investasi ‘Bodong’ Dalam Perjanjian Investor Emas Dengan CV. Raihan Jewellery Di Surabaya.” University of Muhammadiyah Malang, 2015.
Tajti, Tibor. “Pyramid and Ponzi Schemes and the Repercussions of the Differing Regulatory Approaches: Hungarian Developments in the Light of Contemporary Global Trends.” Hungarian Journal of Legal Studies 62, no. 1 (2022): 24–74.
Ullah, Irfan, Wiqar Ahmad, and Arshad Ali. “Determinants of Investment Decision in a Ponzi Scheme: Investors’ Perspective on the Modaraba Scam.” Journal of Financial Crime 1, no. 1 (2020): 1–19. https://doi.org/10.1108/JFC-02-2020-0027.
Wachid, Wahyu. “Judi Berkedok Robot Trading Tidak Perlu Dilegalisasi.” Gatra, March 8, 2022. https://www.gatra.com/news-537617-Hukum-judi-berkedok-robot-trading-tidak-perlu-dilegalisasi.html.
Wibowo, Dwi Edi, Liana Endah Susanti, and Aditya Migi Prematura. “The Implementation of Justice Value for Consumer Protection Study of the Financial Services Authority Regulation Number: 1/Pojk. 07/2013 Concerning Consumer Protection.” International Journal of Law Society Services 2, no. 1 (2022): 1–7.